Northland Power (NPI) Investor Day 2025 summary

Strategic direction and leadership

• New CEO, CFO, and Board Chair appointed since 2024, signaling refreshed leadership and strategic focus.

• Focused on disciplined, self-funded growth in core markets, with a shift to high-grading the project pipeline and streamlining operations for efficiency.

• Board and executive team comprised of globally experienced industry professionals.

• Organizational structure optimized from technology units to regional hubs to unlock value.

• Market selection is driven by macro, technology, and commercial screens, prioritizing regions with strong fundamentals, policy support, and established contracting structures.

Growth and investment plans

• Plans to double operating capacity to over 7 GW by 2030, with 2.2 GW under construction and 1.4–1.8 GW of new growth targeted.

• Five-year gross investment of $5.8–6.6B planned, with no expected common equity issuances.

• Focused on disciplined capital allocation, prioritizing high-return projects (12%+ equity levered after-tax returns).

• Growth to be supplemented by value enhancement projects and accretive asset acquisitions, including recent investments in Polish battery storage and Alberta natural gas.

• Expansion in core markets: Canada, Poland, Spain, UK, and Europe, with a mixed technology approach including wind, solar, BESS, and natural gas.

Project pipeline and operational excellence

• Major projects under construction: Hai Long (Taiwan, 1,022 MW), Baltic Power (Poland, 1,140 MW), Jurassic BESS (Alberta, 80 MW/160 MWh), and Poland BESS (300 MW/1,200 MWh).

• Oneida Energy Storage (Ontario, 250 MW/1,000 MWh) completed ahead of schedule and under budget, with zero lost-time incidents.

• Value enhancement projects include Quebec wind expansion and Spanish grid-scale BESS.

• Operational excellence is demonstrated by above-industry availability in both Americas and international fleets, leveraging data analytics and machine learning for asset optimization.

• Centralized project development and delivery office established to ensure disciplined capital deployment and best-practice sharing across regions.